Generative artificial intelligence (AI) startup Simplismart is gearing up to raise $7 million in a new funding round led by Accel, according to sources familiar with the matter. This Bengaluru-based startup is set to join the ranks of generative AI companies securing significant investments in 2024.
“Accel is leading a $7 million round in Simplismart, with support from existing investors,” revealed a source who requested anonymity. “Simplismart has received the term sheets, and the deal is expected to be announced publicly soon.” This investment marks a significant milestone for Simplismart, which previously raised seed funding from Anicut Capital, Sunn91, First Cheque, and Shastra VC, although these earlier deals were not publicly disclosed.
Founded in 2022 by Amritanshu Jain and Devansh Ghatak, Simplismart has developed an innovative platform that empowers businesses to build scalable, production-grade AI systems without the need to write a single line of code. The platform allows both amateurs and experts to collaboratively train and monitor machine learning (ML) models on virtually any type of data or use case.
This user-friendly approach has positioned Simplismart as a valuable player in the AI industry, making advanced AI development accessible to a broader audience. The startup’s mission to simplify AI implementation aligns well with the growing demand for AI solutions across various sectors.
With the latest funding round, Simplismart is expected to be valued at approximately $35 million. Although Accel declined to comment on the story and Simplismart did not respond to queries, industry insiders are closely watching this development.
The investment comes at a time of rapid growth for generative AI startups in India. A recent NASSCOM study highlighted that the number of generative AI startups in the country has more than doubled from 2021 to 2023. This surge in activity is also reflected in the significant funding these startups have attracted over the past year.
Simplismart’s upcoming $7 million funding round led by Accel is a testament to the growing confidence in the potential of generative AI startups. With its innovative no-code platform and recent inclusion in the AWS ML Elevate program, Simplismart is well-positioned to make significant strides in the AI industry. As the market for AI solutions continues to expand, Simplismart’s approach to making AI development more accessible and collaborative is poised to drive further growth and innovation.
